SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 25, 1999
CWMBS
(Depositor)
(Issuer in respect of Manufactured Housing Contract Pass-Through Certificates,
(Exact name of registrant as specified in charter)
Delaware 33-63714 95-4449516
(State or other (Commission File No.) (I.R.S. Employer
jurisdiction of Identification No.)
organization)
155 N. Lake Avenue, Pasadena, CA 91110-7137
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (818)-304-4428
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
Item 5. Other Events
CWMBS
Manufactured Housing Contract Pass-Through Certificates
Series 1998-2
On January 25, 1999, The Bank of New York, as Trustee for CWMBS, Manufactured
Housing Contract Pass-Through Certificates Series 1998-2, made a monthly
distribution to Certificate holders of principal and/or interest pursuant to the
Pooling and Servicing Agreement, dated as of July 1, 1998, among CWMBS as
Depositor, INDYMAC, Seller and Master Servicer and The Bank of New York, as
Trustee.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
99 Report to Holders of CWMBS, Manufactured Housing Contract
Pass-Through Certificates Series 1998-2 relating to the
distribution date of January 25, 1999 prepared by The Bank
of New York, as Trustee under the Pooling and Servicing
Agreement dated as of July 1, 1998.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: January 25, 1999
CWMBS
By: /s/ Kelly A. Sheahan
------------------------------
Name: Kelly A. Sheahan
Assistant Treasurer
The Bank of New York,
as Trustee
<PAGE>
EXHIBIT INDEX
Exhibit
99 Monthly Remittance Statement dated January 25, 1999
Payment Date: 01/25/99
------------------------------------------------------------
INDYMAC
Manufactured Housing Contract Pass-Through Certificates, Series 1998-2
------------------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
- ----------------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru Principal Interest Total Principal Interest
Type Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfalls
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Senior A1 47,489,052.54 9.174440% 3,081,129.01 363,071.22 3,444,200.23 0.00 0.00
A2 39,600,000.00 6.170000% 0.00 203,610.00 203,610.00 0.00 0.00
A3 29,700,000.00 6.200000% 0.00 153,450.00 153,450.00 0.00 0.00
A4 53,278,000.00 6.640000% 0.00 294,804.93 294,804.93 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
M1 18,360,000.00 7.070000% 0.00 108,171.00 108,171.00 0.00 0.00
M2 9,180,000.00 7.070000% 0.00 54,085.50 54,085.50 0.00 0.00
B1 9,754,000.00 7.360000% 0.00 59,824.53 59,824.53 0.00 0.00
B2 10,327,900.00 8.680000% 0.00 74,705.14 74,705.14 0.00 0.00
X 216,333,444.70 0.000000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 217,688,952.54 - 3,081,129.01 1,311,722.33 4,392,851.34 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 44,407,923.53 0.00
A2 39,600,000.00 0.00
A3 29,700,000.00 0.00
A4 53,278,000.00 0.00
Residual AR 0.00 0.00
M1 18,360,000.00 0.00
M2 9,180,000.00 0.00
B1 9,754,000.00 0.00
B2 10,327,900.00 0.00
X 213,561,836.59 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 214,607,823.53 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 01/25/99
------------------------------------------------------------
INDYMAC
Manufactured Housing Contract Pass-Through Certificates, Series 1998-2
------------------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
Factors per $1,000
- ------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru CUSIP Principal Interest Ending Cert./
Type Class Code Name Cert. Bal.(Face) Rate Numbers Dist. Dist. Notional Bal.
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------
Senior A1 47,489,052.54 9.174440% 045413AW1 51.958331 6.122618 748.868862
A2 39,600,000.00 6.170000% 045413AX9 0.000000 5.141667 1,000.000000
A3 29,700,000.00 6.200000% 045413AY7 0.000000 5.166667 1,000.000000
A4 53,278,000.00 6.640000% 045413AZ4 0.000000 5.533333 1,000.000000
Residual AR 0.00 6.500000% 045413BA8 0.000000 0.000000 0.000000
M1 18,360,000.00 7.070000% 045413BB6 0.000000 5.891667 1,000.000000
M2 9,180,000.00 7.070000% 045413BC4 0.000000 5.891667 1,000.000000
B1 9,754,000.00 7.360000% 045413BD2 0.000000 6.133333 1,000.000000
B2 10,327,900.00 8.680000% PRIVATE 0.000000 7.233333 1,000.000000
X 216,333,444.70 0.000000% PRIVATE 0.000000 0.000000 930.552665
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 217,688,952.54 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
INDYMAC
Manufactured Housing Contract Pass-Through Certificates, Series 1998-2
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 214,491,262.35 214,491,262.35
Aggregated loan count 6279 6279
Aggregated average loan rate 10.180800% 10.18
Aggregated prepayment amount 2,269,047.34 2,269,047.34
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 187,142.03 187,142.03
Monthly sub servicer fees 0.00 0.00
Monthly trustee fees 1,629.47 1,629.47
Aggregate advances N/A N/A
Advances this periods 95,865.74 95,865.74
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 164,831.28 164,831.28
Cumulative losses (from Cut-Off) 194,920.95 194,920.95
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00
Fraud 0.00 0.00
Special Hazard 0.00 0.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 217,688,952.54
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 96 3,721,431.38
60 to 89 days 23 758,016.98
90 or more 34 1,446,208.67
Foreclosure 0 0.00
Totals: 153 5,925,657.03
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
Totals: 0 N/A
Current Total Outstanding Balance: 2,109,103.94
Current Total Outstanding Number of Loans: 53
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 4,392,851.34 4,392,851.34
Principal remittance amount 3,081,129.01 3,081,129.01
Interest remittance amount 1,311,722.33 1,311,722.33
